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Bulls Remain In The Driver’s Seat

EURGBP TECHS
  • RES 4: 0.8835 High May 3
  • RES 3: 0.8793 61.8% retracement of the Feb 3 - Aug 23 downleg
  • RES 2: 0.8768 High May 5
  • RES 1: 0.8741 High Oct 20/30
  • PRICE: 0.8733 @ 16:43 BST Oct 30
  • SUP 1: 0.8681 20-day EMA
  • SUP 2: 0.8650/16 50-day EMA / Low Oct 11 and the bear trigger
  • SUP 3: 0.8569 Low Sep 15 and a key support
  • SUP 4: 0.8558 Low Sep 11

A bullish theme in EURGBP remains intact with the cross consolidating closer to its recent highs. The recent breach of key short-term resistance at 0.8706, the Sep 26 high and a bull trigger, confirmed a resumption of the uptrend. Moving average studies remain in a bull-mode condition too, highlighting positive market sentiment. Sights are on 0.8793, a Fibonacci retracement. On the downside, initial firm support is seen at 0.8681, the 20-day EMA.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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